Egypt’s richest man Nassef Sawiris loses $180 million in 3 days
Nassef Sawiris, Egypt’s wealthiest man and one of Africa’s most affluent billionaires, has experienced a significant decline in his fortune in recent times — paring back his wealth gains for the year.
According to the Bloomberg Billionaires Index, which tracks the fortunes of the world’s top 500 richest individuals, Nassef Sawiris — who ranks as the richest individual in North Africa — has seen his net worth slump by $180 million over the past three days.
Due to the recent downturn in wealth, the net worth of the leading Egyptian billionaire, who serves on the boards of OCI N.V., a global nitrogen product manufacturer, and the German sportswear giant Adidas, now stands at $7.67 billion —down from $7.85 billion on Nov. 29.
Nassef Sawiris slips to 308th globally amid $180 million wealth slump
The recent decline in his fortune has now seen his year-to-date wealth gains dip to $655 million — from $820 million on Nov. 29. Throughout the year, his wealth figures have increased from $7.03 billion on January 1 to $7.67 billion at the time of drafting this report.
As a result of the recent $180-million slump in his fortune, Sawiris, who ranks as the richest man in Egypt and the Arab world, is currently the 308th wealthiest individual globally according to the Bloomberg Billionaires Index.
While there has been a slight decline of $12 million in his Orascom stake, the recent decline in his fortune is linked to the performance of his 38.8 percent stake in Netherlands-based OCI N.V.
Market dips impact Nassef Sawiris’ fortune: OCI N.V. stake slumps by $125 million
In recent times, shares in the Dutch company have declined from a price of €20.98 ($22.836) per share on Nov. 29 to €19.58 ($21.313) per share at the time of writing this report, representing a total loss of 6.67 percent.
According to data tracked by Billionaires.Africa, the market value of Sawiris’ stake in OCI N.V. has declined by €115.46 million ($125 million) — from €1.73 billion ($1.88 billion) Nov. 29 to €1.61 billion ($1.76 billion) on Dec. 2 — as investors on the Euronext Exchange reduce their stakes in the Dutch-listed company.
Despite this recent decline in his investments in OCI N.V., and Orascom, Sawiris retains his status as not only Egypt’s wealthiest individuals but also as the most affluent individual in the Arab world.